President Trump signs Tax Cuts and Jobs Act (H.R. 1)
TAX ALERT |
President Trump has signed the Tax Cuts and Jobs Act, making it law. The new law dramatically reduces corporate tax rates, establishes a territorial system of taxation for certain offshore business profits of domestic businesses, mandates taxation of offshore earnings at a reduced tax rate, introduces an entirely new concept of a reduced tax burden on pass-through business income, limits business interest deductions, and makes major changes to the individual tax structure, including a substantially increased standard deduction and major limitations on state and local tax deductions.